DHAKA, March 4, 2010 (AFP) – A Dhaka-based Facebook stocks tipster with over 10,000 followers has been arrested on charges of illegally manipulating Bangladesh’s overheated stock exchange, police said Thursday. Mahbub Sarwar, 26, a prolific blogger who provided online stock tips through the popular social networking site, will be charged with market manipulation, Mohammad Sohel, spokesman for the Rapid Action Battalion police force told AFP.
“His Facebook account has 3,000 members and he has a number of blogs… we believe around 10,000 or more people have been acting on his tips for the last few months,” Sohel said.
“His tips could trick thousands of people into buying certain shares on certain days,” he said, adding that Sarwar would also be charged with providing market advice without a license.
Regulators said they had been investigating Sarwar for months. Membership of his Facebook group costs up to 70 dollars a month and he would also charge for individual tips, police say.
He is also accused of running an unauthorised portfolio management services company — advising clients on which investments to make — for which he charged 20 percent of profits.
“He is not alone. Ther